ESMA names EuroCTP as EU consolidated tape provider

The European Securities and Markets Authority authorised EuroCTP B.V. to operate the EU consolidated tape for shares and exchange-traded funds (ETFs). ESMA gave EuroCTP a transition period running to 30 September 2026 to finish operational and technical arrangements before the service begins.

After the transition period, EuroCTP will run the consolidated tape for a five-year term under ESMA’s direct supervision. The five-year term will start on the date EuroCTP begins providing the service.

Under the mandate, EuroCTP will collect pre-trade and post-trade data from multiple contributors and publish the information in a single data stream for shares and ETFs. The feed will aggregate trade and quote data from contributing trading venues and data providers.

Access to the tape will be tiered. Retail investors, academics, civil society organisations and regulators will receive the consolidated data free of charge. Other users will be able to buy the feed for a reasonable fee and use it for internal purposes and with clients.

The consolidated tape requirement derives from reforms to the Markets in Financial Instruments Regulation (MiFIR), which set rules for compiling unified market data to make pricing and liquidity information more readily available across trading venues. ESMA said it will monitor EuroCTP’s compliance with the regulatory framework once the service is live.

ESMA encouraged data contributors and other market participants to engage with EuroCTP during the transition to help ensure a timely launch. Natasha Cazenave, ESMA’s Executive Director, noted the authorisation is intended to strengthen transparency and efficiency in EU equity capital markets by bringing pre-trade and post-trade data into a single stream, supporting price discovery and helping investors make more informed decisions.